Why You Need the Right Data and Analytics Experts

Data fuels today’s businesses. Companies collect data from a plethora of customer interactions ranging from point-of-sale systems, chat-based help, IVRs, and back-end systems. But without the right strategy and plan, much of this data can turn into noise. And you could be missing out on actionable insights that can power improvements, increase customer satisfaction, and fuel profitability. Understanding and making sense of all this data is challenging and could be quite costly if managed incorrectly—both in terms of driving growth and your brand value. And, in an era where everyone’s struggling to do more with less, it’s essential that organizations get their data and analytics right.

The reason organizations struggle to scale, automate, and reduce their bottom line is often due to a multitude of data-related problems. These challenges include poor project execution, ineffective data governance, insufficient data security, poor data quality and infrastructure, and quite often a lack of skilled resources. 

When you’re able to properly define deliverables, develop the right data and processes, and clearly identify your end goals, you can drive better outcomes in your data related programs. In addition, there’s often too much focus on technology over the right data processes. Placing a higher priority on the right data and modeling will also improve results. 

A key to solving this problem is having the right people to help design, build, and run data and analytics systems. But many organizations lack the necessary skills and talent to do the job right. In fact, there’s a significant lack of skilled data and analytics experts in the US, with more than 330,000 data scientist jobs currently available.¹ Not having the right people leads to slower project throughput and a lack of knowledge to optimize the business outcomes organizations seek. 

Gaining access to the necessary expertise can be done in a variety of ways. From short-term staff augmentation to partnering with data and analytics experts, companies can quickly turn their data and analytics challenges into a competitive advantage in the marketplace. Here are some examples. 

Driving a Successful Data Analytics Initiative in Real Estate

A large real estate investing client was urgently in need of resources to support a data analytics initiative. It was looking to improve asset acquisition velocity, the internal rate of return for its investors, and sales forecasting. 

The Concentrix team initially engaged with this group because it didn’t have the right resources and expertise to complete the project. We deployed two data and analytics experts to support the project as consultants. Because of its initial success, the program quickly evolved into a deeper project with specifically defined deliverables and success metrics. After our data resources were deployed and we were able to get a closer look at the project, we quickly identified that there was not a clearly defined program or path on how to execute the project successfully. We established a six month engagement with the client that provided a clear project path and success metrics, helping it achieve the following business outcomes: 

• Improved acquisition strategy by 8 basis points or roughly $10+MM within 6 months 
• Accelerated investor funds and gave a higher internal rate of return to investors by ~2% 
• Achieved a holistic view of investments and total returns, including its forecast over the next 72 months 

Accomplishing More with Less for a Leading Technology Firm 

A technology firm was struggling to scale and needed to accomplish more with less labor, with a goal of reducing labor costs to better invest in the company and accelerate growth. Part of its challenge was acquiring staff with a more technical skillset, while also needing to reduce operating labor expense. Our team was able to replace 30 of their 40 data personnel with the needed skillset, resulting in a 60% reduction in OPEX when compared to the previous fully burdened W2 employees it had on staff. 

Improving Customer Renewals for a Fortune 500 Technology Company

A Fortune 500 technology company engaged the Concentrix Analytics experts to work on a large-scale project for addressing data transparency and automation to improve its customer renewal process. Its biggest challenge was quickly finding skilled labor that had the right experience and technical background to meet aggressive project timelines. In addition, it needed a partner that could offer strategic consulting on these positions to ensure it had clearly defined project deliverables and goals. We were able to turn around a large team of new resources in a matter of 21 days to support the initiative and meet the project kickoff date. 

The Concentrix Advantage 

Concentrix has a global talent infrastructure that spans 18 countries and a tried and proven process for hiring and onboarding more technical talent than any other business in North America. We also provide the right strategy and technology consulting to create a well-defined project path, while helping implement and integrate the proper data infrastructure to support data quality, governance, and security. 

Connect with us today to learn about how Concentrix Analytics on Demand can help you achieve more successful business outcomes.